Wednesday, April 27 2005 10:53 Hrs (IST) - World Time -

Mumbai: Securities and Exchange Board of India (SEBI) yesterday (Apr 26, 2005) asked Shoppers' Stop Ltd to put its Initial Public Offer (IPO), which was slated to open today (Apr 27, 2005), on hold until further orders following an order passed by Shillong bench of Guwahati High Court.

The capital market watchdog has directed that the public issue should be kept on hold until further instructions following the receipt of the order passed by the High Court, the company said in a release in Mumbai yesterday.

The North East Investors Association had filed a Public Interest Litigation (PIL) in the High Court against the IPO.

The court would hear the PIL today, the release said.

The company had planned to tap the markets during April 27-May 3 to raise Rs 147-175 crore for funding its across the nation estimated to cost about Rs 130 crore.

The final price would be determined through the book-building process.